Jaeger-owner Harold Tillman and Jaeger chief executive Belinda Earl have bought luxury British heritage brand Aquascutum from its Japanese owner Renown.
The combined sales of Jaeger and Aquascutum will create a group with turnover in excess of £300 million and Tillman and Earl said significant synergies could be achieved by running the brands alongside each other.
Under the deal YGM Trading, the Hong Kong and Chinese licensee for Aquascutum, has acquired the rights for the brand in Asia.
The sale of Aquascutum follows a period of uncertainty around the future of the brand. In May Aquascutum’s then chief executive Kim Winser left the firm suddenly following a failed attempt at a management buyout. Renown then put the brand’s entire 343-strong workforce under consultation after a firm offer failed to materialise from a suitor in Hong Kong.
Tillman said: “We are pleased to be able to return this global luxury heritage fashion brand to British ownership. The Aquascutum brand has a strong positioning in the international arena and has seen significant investment in recent years. Belinda and I have worked successfully together for the last five years and our strong track record, experience and complimentary skills will enable us to continue the development of the Aquascutum brand worldwide.”
Earl added: “Aquascutum is a world recognised brand, with an international footprint and numerous stockists around the world. We plan to build on the foundation of the brand as we believe it has the potential to expand in both existing and new markets. We see further opportunities to build on Aquascutum’s rich and long history for outerwear and tailoring as well as for new product collections.”
Aquascutum was established in 1851 and opened its first UK factory in 1909.